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James posted a photo of himself in a Cavaliers uniform on Instagram and Twitter with the phrase "I'm coming home" and the Cavaliers logo.

"We're not ready right now. No way. It will be a long process, much longer than it was in 2010. My patience will get tested."

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James leaves behind a veteran Miami club with teammates Dwyane Wade and Chris Bosh and joins a young squad with new coach Dave Blatt, star guard Kyrie Irving and this year's top NBA draft pick, guard Andrew Wiggins, that could be a contender for many years to come.

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"I'm going into a situation with a young team and a new coach. I will be the old head," James said. "But I get a thrill out of bringing a group together and helping them reach a place they didn't know they could go."

The wait for James to make his decision shut down most other major free agency decisions in the league and kept fans in Miami and Cleveland spellbound to US sports television networks that provided non-stop coverage of his every move.

James was selected by Cleveland as the top pick of the 2003 NBA draft and won Rookie of the Year honours. He guided the Cavaliers to their only NBA Finals in 2007, where they were swept by the San Antonio Spurs.

In 2010, James became a free agent and staged a television show on ESPN called The Decision on which he announced he was leaving for Miami, a much-criticised move that prompted Cleveland fans to burn his jerseys in anger.

"I always believed that I'd return to Cleveland and finish my career there. I just didn't know when," James said.

All is now forgiven .. a Cleveland Cavaliers fan holds a sign and yells as Miami Heat's LeBron James is introduced before a game against Cleveland in 2012. Photo: AP

James, 29, whose endorsement partners include Nike, Coca-Cola and McDonald's, can receive a four-year contract with a starting salary of about $US20.7 million ($22.06 million). Separately, he reaped about $US30 million ($31.98 million) for his stake in Beats Electronics, which last month was acquired by Apple for $US3 billion ($3.2 billion).

James, according to Sports Illustrated, is the second- highest-earning athlete this year behind boxer Floyd Mayweather, taking in $US57 million ($60.75 million) in salary and endorsements. His marketing company, LRMR, represents Browns quarterback Johnny Manziel.

"It means more to the franchise than any normal player transaction because he means so much to the city," Estis said of James, who unlike many highly compensated athlete endorsers has shown a willingness to address controversial topics.

Not since the 1964 Cleveland Browns won the National Football League crown has the city known a major sports champion.

Dan Gilbert, the Cavaliers owner who called James a coward for leaving and joked about his "King James" nickname, praised James on Twitter shortly after the return was confirmed.

"Welcome Home @kingjames. I am excited for the fans and people of Cleveland and Ohio. No fans and people deserve a winner more than them," Gilbert said.

My 8-year-old: "Daddy, does this mean I can finally wear my Lebron jersey, again?"...Yes it does, son. Yes it does!